Report: Retailers least trusted with personal data

People in the UK are addicted to digital but, says a new report from management consultancy firm Oliver Wyman, concerns about privacy of personal information are also rife.

The report, 'Britain's Digital DNA', found that more than half of adults in the UK can not live without the Internet for more than a day, and 12% can not live without it for more than an hour. Millennials were found to be more overwhelmed with technology and about 31% actively seek opportunities to go offline compared with 20% of the people in the age group 35-54 and 14% of the people in the age group 55-74.

The UK recently passed the Investigatory Power Act which gives the government more digital surveillance law. Also known as the 'Snoopers' Charter', the new law could well increase online privacy fears among an already anxious population. However, despite 45% of respondents in the report saying they are reluctant to share personal information online, 32% felt obliged to do so in order to navigate modern life.

Unfortunately for retailers, the survey found they were among the least trusted online companies with 37% stating they do not trust technology companies such as ecommerce sites and search engines. The companies consumers trust the most with their personal information are financial institutions (just 11% distrust them), healthcare providers or insurers (13%), and car or home insurers (17%).

"For consumers to embrace our digital future without fear and anxiety, companies across all sectors need to prioritize cyber-security," says Chris McMillan, Partner, Oliver Wyman Labs. "They also need to act fast when there are breaches. Financial institutions are the most trusted in our survey because they put a lot of investment into educating consumers about the security measures they take to protect them, assuaging the worry many of us feel when handing over our personal information."